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    debbie.pham's Avatar
    debbie.pham Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 29, 2011, 07:35 AM
    About FIFO perpetual inventory.
    About FIFO perpetual inventory
    I got stuck in this problem, can you help me to solve it . Thanks so much
    The beginning inventory at Thoreau Office Supplies and data on purchases and sales
    For a three-month period are as follows:

    Number Per
    Date Transaction of Units Unit Total
    Jan. 1 Inventory 75 $20 $1,500
    10 Purchase 200 21 4,200
    28 Sale 100 40 4,000
    30 Sale 110 40 4,400

    Feb. 5 Sale 20 44 880
    10 Purchase 120 22 2,640
    16 Sale 90 42 3,780
    28 Sale 50 45 2,250

    Mar. 5 Purchase 175 24 4,200
    14 Sale 120 50 6,000
    25 Purchase 150 25 3,750
    30 Sale 100 50 5,000

    Instructions
    1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual
    Inventory record similar to the one illustrated in Exhibit 3, using the first-in, firstout
    Method.
    2. Determine the total sales and the total cost of merchandise sold for the period.
    Journalize the entries in the sales and cost of merchandise sold accounts. Assume
    That all sales were on account.
    3. Determine the gross profit from sales for the period.
    4. Determine the ending inventory cost.
    Javi_007's Avatar
    Javi_007 Posts: 1, Reputation: 1
    New Member
    		  
    #2

    Jun 24, 2012, 11:48 AM
    About FIFO perpetual inventory
    I got stuck in this problem, can you help me to solve it . Thanks so much
    The beginning inventory at Thoreau Office Supplies and data on purchases and sales
    For a three-month period are as follows:

    Number Per
    Date Transaction of Units Unit Total
    Jan. 1 Inventory 75 $20 $1,500
    10 Purchase 200 21 4,200
    28 Sale 100 40 4,000
    30 Sale 110 40 4,400

    Feb. 5 Sale 20 44 880
    10 Purchase 120 22 2,640
    16 Sale 90 42 3,780
    28 Sale 50 45 2,250

    Mar. 5 Purchase 175 24 4,200
    14 Sale 120 50 6,000
    25 Purchase 150 25 3,750
    30 Sale 100 50 5,000

    Instructions
    1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual
    Inventory record similar to the one illustrated in Exhibit 3, using the first-in, firstout
    Method.
    2. Determine the total sales and the total cost of merchandise sold for the period.
    Journalize the entries in the sales and cost of merchandise sold accounts. Assume
    That all sales were on account.
    3. Determine the gross profit from sales for the period.
    4. Determine the ending inventory cost.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
    		  
    #3

    Jun 24, 2012, 04:26 PM
    This is not difficult show us your workings
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